N-Q 1 a06-22586_2nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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OMB Number:    3235-0578
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FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-9537

 

 

Colonial California Insured Municipal Fund

(Exact name of registrant as specified in charter)

 

One Financial Center, Boston, Massachusetts

 

02111

(Address of principal executive offices)

 

(Zip code)

 

James R. Bordewick, Jr., Esq.

Columbia Management Advisors, LLC

One Financial Center

Boston, MA 02111

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

1-617-426-3750

 

 

Date of fiscal year end:

11/30/06

 

 

 

 

Date of reporting period:

8/31/06

 

 


 

Item 1. Schedule of Investments.

 


 

INVESTMENT PORTFOLIO

August 31, 2006 (Unaudited)

Colonial California Insured Municipal Fund

 

 

 

 

Par ($)

 

Value ($)*

 

Municipal Bonds – 155.6%

 

 

 

 

 

 

EDUCATION – 9.3%

 

 

 

 

 

 

Education – 9.3%

 

 

 

 

 

 

CA Educational Facilities Authority

 

 

 

 

 

 

 

Pepperdine University,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 12/01/35

 

1,000,000

 

1,050,560

 

 

Pooled College & University Projects,

 

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

 

6.625% 06/01/20

 

250,000

 

270,012

 

CA University Enterprises, Inc.

 

 

 

 

 

 

 

Auxiliary Organization,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

4.375% 10/01/30

 

1,000,000

 

974,520

 

CA University

 

 

 

 

 

 

 

Series 2005 C,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 11/01/29

 

1,500,000

 

1,584,585

 

Education Total

 

3,879,677

 

EDUCATION TOTAL

 

3,879,677

 

HEALTH CARE – 2.3%

 

 

 

 

 

 

Hospitals – 2.3%

 

 

 

 

 

 

CA Statewide Communities Development Authority

 

 

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

6.500% 07/01/20

 

145,000

 

159,055

 

 

Daughters of Charity Health,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

5.250% 07/01/30

 

500,000

 

521,495

 

CA Whittier

 

 

 

 

 

 

 

Presbyterian Intercommunity Hospital,

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

5.750% 06/01/31

 

250,000

 

267,070

 

Hospitals Total

 

947,620

 

HEALTH CARE TOTAL

 

947,620

 

HOUSING – 7.6%

 

 

 

 

 

 

Assisted Living/Senior – 4.9%

 

 

 

 

 

 

CA ABAG Finance Authority for Nonprofit Corps.

 

 

 

 

 

 

 

Odd Fellows Home,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

6.000% 08/15/24

 

2,000,000

 

2,063,600

 

Assisted Living/Senior Total

 

2,063,600

 

Single-Family – 2.7%

 

 

 

 

 

 

CA Housing Finance Agency Revenue

 

 

 

 

 

 

 

Series 2006 E, AMT,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

1


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

HOUSING – (continued)

 

 

 

 

 

 

Single-Family – (continued)

 

 

 

 

 

 

 

5.050% 02/01/26

 

1,000,000

 

1,026,350

 

CA Rural Home Mortgage Finance Authority

 

 

 

 

 

 

 

Series 1998 A, AMT,

 

 

 

 

 

 

Guarantor: GNMA

 

 

 

 

 

 

6.350% 12/01/29

 

50,000

 

50,362

 

 

Series 1998 B-5, AMT,

 

 

 

 

 

 

Guarantor: FNMA

 

 

 

 

 

 

6.350% 12/01/29

 

30,000

 

30,664

 

Single-Family Total

 

1,107,376

 

HOUSING TOTAL

 

3,170,976

 

OTHER – 22.6%

 

 

 

 

 

 

Refunded/Escrowed(a) – 20.1%

 

 

 

 

 

 

CA Community College Financing Authority

 

 

 

 

 

 

 

West Valley Mission Community College,

 

 

 

 

 

 

Series 1997,

 

 

 

 

 

 

Pre-refunded 05/01/07,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.625% 05/01/22

 

2,000,000

 

2,067,860

 

CA Infrastructure And Economic Development Bank Revenue

 

 

 

 

 

 

 

Series 2003 A,

 

 

 

 

 

 

Pre-refunded 07/01/26,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.125% 07/01/37

 

1,000,000

 

1,133,770

 

CA Oakland

 

 

 

 

 

 

 

Harrison Foundation,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Pre-refunded 01/01/10,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.000% 01/01/29

 

1,000,000

 

1,079,260

 

CA Orange County Community Facilities District

 

 

 

 

 

 

 

Ladera Ranch,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Pre-refunded 08/15/09

 

 

 

 

 

 

6.700% 08/15/29

 

200,000

 

220,934

 

CA Pacifica

 

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Pre-refunded 11/01/09,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.875% 11/01/29

 

1,500,000

 

1,620,450

 

CA Public Works Board

 

 

 

 

 

 

 

Department of Health Services,

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Pre-refunded 11/01/09,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.750% 11/01/24(b)

 

1,500,000

 

1,615,095

 

CA Statewide Communities Development Authority

 

 

 

 

 

 

 

Certificates of Participation,

 

 

 

 

 

 

2


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

OTHER – (continued)

 

 

 

 

 

 

Refunded/Escrowed(a) – (continued)

 

 

 

 

 

 

 

Catholic Healthcare West,

 

 

 

 

 

 

Series 1999,

 

 

 

 

 

 

Pre-refunded 07/01/10,

 

 

 

 

 

 

6.500% 07/01/20

 

355,000

 

395,303

 

 

Eskaton Village - Grass Valley,

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Pre-refunded 11/15/10,

 

 

 

 

 

 

8.250% 11/15/31(d)

 

250,000

 

293,193

 

Refunded/Escrowed Total

 

8,425,865

 

Tobacco – 2.5%

 

 

 

 

 

 

CA Golden State Tobacco

 

 

 

 

 

 

 

Securitization Enhanced Asset Backed,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.000% 06/01/35

 

1,000,000

 

1,040,910

 

Tobacco Total

 

1,040,910

 

OTHER TOTAL

 

9,466,775

 

RESOURCE RECOVERY – 1.2%

 

 

 

 

 

 

Disposal – 1.2%

 

 

 

 

 

 

CA Salinas Valley Solid Waste Authority

 

 

 

 

 

 

 

Series 2002, AMT,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.125% 08/01/22

 

500,000

 

519,715

 

Disposal Total

 

519,715

 

RESOURCE RECOVERY TOTAL

 

519,715

 

TAX-BACKED – 66.0%

 

 

 

 

 

 

Local Appropriated – 11.9%

 

 

 

 

 

 

CA Los Angeles County Schools

 

 

 

 

 

 

 

Series 1999 A

 

 

 

 

 

 

Insured: AMBAC:

 

 

 

 

 

 

(c) 08/01/18

 

2,020,000

 

1,205,354

 

 

(c) 08/01/23

 

2,220,000

 

1,026,861

 

CA San Bernardino County

 

 

 

 

 

 

 

Medical Center Financing Project,

 

 

 

 

 

 

Series 1994,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.500% 08/01/17

 

2,500,000

 

2,749,875

 

Local Appropriated Total

 

4,982,090

 

Local General Obligations – 27.4%

 

 

 

 

 

 

CA Culver City School Facilities Financing Authority

 

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.500% 08/01/25

 

1,000,000

 

1,175,700

 

CA Golden West Schools Financing Authority

 

 

 

 

 

 

 

Placentia Yorba Linda Unified,

 

 

 

 

 

 

Series 2006,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 08/01/23

 

1,000,000

 

1,162,890

 

 

3


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

Local General Obligations – (continued)

 

 

 

 

 

 

CA Newhall School District

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.000% 05/01/20

 

500,000

 

553,335

 

CA Pomona Unified School District

 

 

 

 

 

 

 

Series 2000 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

6.550% 08/01/29

 

1,000,000

 

1,301,340

 

CA Rancho Santiago Community College District

 

 

 

 

 

 

 

Series 2005 B,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.125% 09/01/29

 

1,000,000

 

1,124,460

 

CA Rescue Unified School District

 

 

 

 

 

 

 

Election of 1998,

 

 

 

 

 

 

Series 2005,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

(c) 09/01/26

 

1,125,000

 

453,915

 

CA San Diego Unified School District

 

 

 

 

 

 

 

Election of 1998,

 

 

 

 

 

 

Series 2000 B,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

6.000% 07/01/19

 

1,000,000

 

1,200,280

 

CA Temecula Valley Unified School District

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.000% 08/01/20

 

500,000

 

554,080

 

CA Union Elementary School District

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

(c) 09/01/18

 

1,630,000

 

978,293

 

CA Vallejo City Unified School District

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: MBIA:

 

 

 

 

 

 

5.900% 02/01/21

 

500,000

 

601,465

 

 

5.900% 08/01/25

 

500,000

 

598,210

 

CA West Contra Costa Unified School District

 

 

 

 

 

 

 

Series 2001 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.700% 02/01/23

 

500,000

 

594,220

 

CA West Covina Unified School District

 

 

 

 

 

 

 

Series 2002 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.800% 02/01/21

 

500,000

 

568,375

 

CA Yuba City Unified School District

 

 

 

 

 

 

 

Series 2000,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

(c) 09/01/18

 

1,000,000

 

600,180

 

Local General Obligations Total

 

11,466,743

 

 

4


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

Special Non-Property Tax – 7.1%

 

 

 

 

 

 

CA San Francisco City & County Hotel Tax Agency

 

 

 

 

 

 

 

Series 1994,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

6.750% 07/01/25

 

1,000,000

 

1,016,050

 

PR Commonwealth of Puerto Rico Highway & Transportation Authority

 

 

 

 

 

 

 

Series 1996 Y, AMT,

 

 

 

 

 

 

5.500% 07/01/36

 

500,000

 

541,000

 

 

Series 1996 Y

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.500% 07/01/36

 

1,000,000

 

1,117,450

 

 

Series 2002 E,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.500% 07/01/21

 

250,000

 

288,898

 

Special Non-Property Tax Total

 

2,963,398

 

Special Property Tax – 11.6%

 

 

 

 

 

 

CA Fontana Public Finance Authority

 

 

 

 

 

 

 

Tax Allocation Revenue,

 

 

 

 

 

 

North Fontana Redevelopment,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 10/01/29

 

1,000,000

 

1,049,070

 

CA Huntington Beach Community Facilities District

 

 

 

 

 

 

 

Grand Coast Resort,

 

 

 

 

 

 

Series 2001-1,

 

 

 

 

 

 

6.450% 09/01/31

 

100,000

 

107,357

 

CA Huntington Park Public Financing Authority

 

 

 

 

 

 

 

Series 2004,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.250% 09/01/19

 

1,000,000

 

1,104,000

 

CA Lancaster Financing Authority

 

 

 

 

 

 

 

Redevelopment Project No. 5 & 6,

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.250% 02/01/20

 

1,075,000

 

1,198,034

 

CA Long Beach Bond Finance Authority

 

 

 

 

 

 

 

Tax Allocation Revenue,

 

 

 

 

 

 

Series 2006 C,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.500% 08/01/31

 

750,000

 

886,762

 

CA Oceanside Community Development Commission

 

 

 

 

 

 

 

Downtown Redevelopment Project,

 

 

 

 

 

 

Series 2003,

 

 

 

 

 

 

5.700% 09/01/25

 

500,000

 

531,250

 

Special Property Tax Total

 

4,876,473

 

State Appropriated – 1.3%

 

 

 

 

 

 

CA Public Works Board

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

5


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

TAX-BACKED – (continued)

 

 

 

 

 

 

State Appropriated – (continued)

 

 

 

 

 

 

 

5.500% 06/01/19

 

500,000

 

553,595

 

State Appropriated Total

 

553,595

 

State General Obligations – 6.7%

 

 

 

 

 

 

CA State

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

6.000% 02/01/17

 

1,000,000

 

1,184,730

 

 

Series 2003,

 

 

 

 

 

 

5.250% 02/01/20

 

500,000

 

555,040

 

 

Series 2004,

 

 

 

 

 

 

5.000% 02/01/22

 

1,000,000

 

1,048,550

 

State General Obligations Total

 

2,788,320

 

TAX-BACKED TOTAL

 

27,630,619

 

TRANSPORTATION – 8.7%

 

 

 

 

 

 

Airports – 3.9%

 

 

 

 

 

 

CA Port of Oakland

 

 

 

 

 

 

 

Series 2002 K, AMT,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.750% 11/01/29

 

1,000,000

 

1,057,320

 

CA San Diego County Regional Airport Authority

 

 

 

 

 

 

 

Series 2005, AMT,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.250% 07/01/20

 

500,000

 

548,560

 

Airports Total

 

1,605,880

 

Ports – 3.1%

 

 

 

 

 

 

CA San Diego Unified Port District Revenue

 

 

 

 

 

 

 

Series 2004 B,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 09/01/29

 

1,250,000

 

1,305,263

 

Ports Total

 

1,305,263

 

Transportation – 1.7%

 

 

 

 

 

 

CA San Francisco Bay Area Rapid Transit Financing Authority

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 07/01/30

 

685,000

 

721,435

 

Transportation Total

 

721,435

 

TRANSPORTATION TOTAL

 

3,632,578

 

UTILITIES – 37.9%

 

 

 

 

 

 

Investor Owned – 7.7%

 

 

 

 

 

 

CA Pollution Control Financing Authority

 

 

 

 

 

 

 

Pacific Gas & Electric Co.,

 

 

 

 

 

 

Series 1996 A, AMT,

 

 

 

 

 

 

6


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

 

Investor Owned – (continued)

 

 

 

 

 

 

 

Insured MBIA

 

 

 

 

 

 

5.350% 12/01/16

 

1,000,000

 

1,069,660

 

 

San Diego Gas & Electric Co.,

 

 

 

 

 

 

Series 1991 A, AMT,

 

 

 

 

 

 

6.800% 06/01/15

 

500,000

 

587,000

 

 

Southern California Edison Co.,

 

 

 

 

 

 

Series 1999 B,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.450% 09/01/29

 

1,500,000

 

1,575,450

 

Investor Owned Total

 

3,232,110

 

Municipal Electric – 2.6%

 

 

 

 

 

 

CA Los Angeles Department of Water & Power Waterworks

 

 

 

 

 

 

 

Series 2004 C,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 07/01/22

 

1,000,000

 

1,060,410

 

Municipal Electric Total

 

1,060,410

 

Water & Sewer – 27.6%

 

 

 

 

 

 

CA Culver City

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.700% 09/01/29

 

1,500,000

 

1,606,890

 

CA Department of Water Resources Water Revenue

 

 

 

 

 

 

 

Central Valley Project,

 

 

 

 

 

 

Series 2005 AD,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.000% 12/01/25

 

1,000,000

 

1,058,010

 

CA El Dorado Irrigation District

 

 

 

 

 

 

 

Series 2004 A,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.000% 03/01/21

 

1,000,000

 

1,054,960

 

CA Elsinore Valley Municipal Water District

 

 

 

 

 

 

 

Series 2002,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.375% 07/01/18

 

1,160,000

 

1,311,473

 

CA Los Angeles Department Water & Power Waterworks Systems

 

 

 

 

 

 

 

Sub-series 2006 A-2,

 

 

 

 

 

 

Insured: AMBAC

 

 

 

 

 

 

5.000% 07/01/27

 

1,000,000

 

1,062,190

 

CA Metropolitan Water District Waterworks

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: FSA

 

 

 

 

 

 

5.000% 07/01/30

 

1,000,000

 

1,053,190

 

CA Pico Rivera Water Authority

 

 

 

 

 

 

 

Series 1999 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.500% 05/01/29

 

2,000,000

 

2,310,720

 

CA Pomona Public Financing Authority

 

 

 

 

 

 

 

7


 

 

 

 

Par ($)

 

Value ($)

 

Municipal Bonds – (continued)

 

 

 

 

 

 

UTILITIES – (continued)

 

 

 

 

 

 

Water & Sewer – (continued)

 

 

 

 

 

 

 

Series 1999 AC,

 

 

 

 

 

 

Insured: FGIC

 

 

 

 

 

 

5.500% 05/01/29

 

1,000,000

 

1,050,150

 

CA Westlands Water District Revenue

 

 

 

 

 

 

 

Certificates of Participation,

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: MBIA

 

 

 

 

 

 

5.000% 09/01/30

 

1,000,000

 

1,041,450

 

Water & Sewer Total

 

11,549,033

 

UTILITIES TOTAL

 

15,841,553

 

 

Total Municipal Bonds
(cost of $60,929,347)

 

 

 

65,089,513

 

Short-Term Obligations – 1.4%

 

 

 

 

 

 

VARIABLE RATE DEMAND NOTES (e) – 1.4%

 

 

 

 

 

 

CA Adelanto Public Utility Authority

 

 

 

 

 

 

 

Series 2005 A,

 

 

 

 

 

 

Insured: AMBAC,

 

 

 

 

 

 

SPA: Dexia Credit Local

 

 

 

 

 

 

3.450% 11/01/34

 

100,000

 

100,000

 

CA Department of Water Resources

 

 

 

 

 

 

 

Power Supply Revenue,:

 

 

 

 

 

 

Series 2002 B-3,

 

 

 

 

 

 

LOC: Bank of New York

 

 

 

 

 

 

3.500% 05/01/22

 

200,000

 

200,000

 

 

Series 2002 F-1,

 

 

 

 

 

 

LOC: Lloyds TSB Bank PLC

 

 

 

 

 

 

3.250% 05/01/19

 

100,000

 

100,000

 

CA Economic Recovery

 

 

 

 

 

 

 

Series 2004 C-6,

 

 

 

 

 

 

LOC: Citibank N.A.

 

 

 

 

 

 

3.300% 07/01/23

 

200,000

 

200,000

 

VARIABLE RATE DEMAND NOTES TOTAL

 

600,000

 

 

 

 

 

 

Total Short-Term Obligations
(cost of $600,000)

 

 

 

600,000

 

 

 

 

 

 

 

 

 

Total Investments(f)(g) – 157.0%
(cost of $61,529,347)

 

 

 

65,689,513

 

 

 

 

 

 

 

 

 

Other Assets & Liabilities, Net – (57.0)%

 

(23,862,022

)

 

 

 

 

 

 

Net Assets – 100.0%

 

 

 

41,827,491

 

 

8


 

 

 

Notes to Investment Portfolio:

 

 

 

 

 

*

 

Security Valuation:

 

Debt securities generally are valued by pricing services approved by the Fund’s Board of Trustees, based upon market transactions for normal, institutional-size trading units of similar securities. The services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. Debt securities for which quotations are readily available are valued at an over-the-counter or exchange bid quotation. Certain debt securities, which tend to be more thinly traded and of lesser quality, are priced based on fundamental analysis of the financial condition of the issuer and the estimated value of any collateral. Valuations developed through pricing techniques may vary from the actual amounts realized upon sale of the securities, and the potential variation may be greater for those securities valued using fundamental analysis.

 

Short-term debt obligations maturing within 60 days are valued at amortized cost, which approximates market value.

 

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.

 

Investments for which market quotations are not readily available, or quotations which management believes are not appropriate, are valued at fair value under procedures approved by the Board of Trustees. If a security is valued at a “fair value”, such value is likely to be different from the last quoted market price for the security.

 

 

 

 

 

 

 

(a)

 

The Fund has been informed that each issuer has placed direct obligations of the U.S. Government in an irrevocable trust, solely for the payment of principal and interest.

 

 

 

 

 

 

 

(b)

 

A portion of this security with a market value of $1,615,095 is pledged as collateral for open futures contracts.

 

 

 

 

 

 

 

(c)

 

Zero coupon bond.

 

 

 

 

 

 

 

(d)

 

Denotes a restricted security, which is subject to restrictions on resale under federal securities laws or in transactions exempt from registration. At August 31, 2006, the value of these securities amounted to $293,193 which represents 0.7% of net assets.

 

Security

 

Acquisition
Date

 

Acquisition
Cost

 

CA Statewide Communities Development Authority, Eskaton Village- Grass Valley, Series 2000 Pre-refunded 11/15/10, 8.250% 11/15/31

 

09/08/00

 

$

250,000

 

 

 

 

(e)

 

Variable rate demand note. This security is payable upon not more than one, seven or thirty business days’ notice. Put bonds and notes have a demand feature that matures within one year. The interest rate changes periodically. The interest rate shown reflects the rate as of August 31, 2006.

 

 

(f)

 

Cost for federal income tax purposes is $61,467,366

 

 

(g)

 

Unrealized appreciation and depreciation at August 31, 2006 based on cost of investments for federal income tax purposes was:

 

Unrealized

 

Unrealized

 

Net Unrealized

 

Appreciation

 

Depreciation

 

Appreciation

 

$

4,278,260

 

$

(56,113

)

$

4,222,147

 

 

At August 31, 2006, the Fund held the following open short futures contracts: 

 

Type

 

Number of
Contracts

 

Value

 

Aggregate Face
Value

 

Expiration Date

 

Unrealized
Depreciation

 

10-Year U.S.
Treasury Notes

 

53

 

$

5,693,359

 

$

5,590,843

 

Sep-2006

 

$

(102,516

)

 

9


 

 

 

Acronym

 

Name

 

 

AMBAC

 

Ambac Assurance Corp.

 

 

AMT

 

Alternative Minimum Tax

 

 

FGIC

 

Financial Guaranty Insurance Co.

 

 

FNMA

 

Federal National Mortgage Association

 

 

FSA

 

Financial Security Assurance, Inc.

 

 

GNMA

 

Government National Mortgage Association

 

 

LOC

 

Letter of Credit

 

 

MBIA

 

MBIA Insurance Corp.

 

 

SPA

 

Stand-by Purchase Agreement

 

10


 

Item 2. Controls and Procedures.

 

(a)   The registrant’s principal executive officer and principal financial officer, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

(b)   There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant)

 

Colonial California Insured Municipal Fund

 

 

 

 

 

 

 

 

 

By (Signature and Title)

 

/s/ Christopher L. Wilson

 

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

 

 

Date

 

October 27, 2006

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

 

/s/ Christopher L. Wilson

 

 

 

Christopher L. Wilson, President

 

 

 

 

 

 

 

 

 

Date

 

October 27, 2006

 

 

 

 

 

 

 

 

 

By (Signature and Title)

 

/s/ J. Kevin Connaughton

 

 

 

J. Kevin Connaughton, Treasurer

 

 

 

 

 

 

 

 

 

Date

 

October 27, 2006